Measurement has been highly contentious issue in the accounting and financial reporting. Conceptual Framework has been criticised for failing to address this issue. Problems associated with the use of the historical cost method, particularly at the time of changing prices, has prompted a need for searching an alternative measurement method. While the fair value is being considered a possible alternative, it has its own weaknesses and limitations and this has been debated relatively extensively in current literature. For example, studies primarily based on emerging economies have consistently reported the challenge of using fair value in those countries (He et al., 2012; Albu et al., 204 & Irvine, 2008).
Prepare a literature review about the contextual issues of implementing fair value measurement method in general and in emerging economies in particular.
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